You also have the option to set up auto-debit facilities for the same. If you think about it, the benefits of online savings accounts seem to go on and on. The Bad Side of Online Savings Accounts The biggest con, for some people, is that there is no human face associated with these accounts. There s no human person you can hold responsible for a discrepancy in the account. Ok the minuses include horrendously high rates of interest but on the other side of the coin they can be invaluable in emergencies. Just don't use them as long term loans because they were never designed for that kind of borrowing. If you are finding that you have outstanding balances of two, three or more credit cards you will probably be well advised to look into taking out a debt consolidation loan. Was it down to ill health? You also need to explain what has changed now and how you will be able to meet the new payments. Try not to be over optimistic here. And for goodness sake tell them the truth, if you don't they will almost certainly find out and you'll fail. They're trained to spot lying by applicants. A non profit consolidation organization would, on the face of it, seem a better choice than a bill consolidation service run by a profit making company wouldn't it? Well the answer is yes and no. Let me explain. There is no guarantee that an organization offering bill consolidation services will be any better just because they're non profit. Perhaps the greatest benefit of all is the peace of mind such loans can bring. For anyone who has been haunted by the worry of how they find enough money every month to service their debts they can be the answer to their prayers. Of course for anyone who is thinking of approaching a bill consolidation service there are some very important points to keep in mind. Of course you wouldn't and neither will the loan companies. They are looking for people to lie to them on their applications and they are very good at spotting the tall tales. They have a lot of practice! So what do you say to them? You tell them how you came to be in arrears with you finance and don't be embarrassed.